Image credit: Stuart Attwood
Broker Insights, a Scotland-based commercial insurance start-up, has reported doubling its revenue to £2.25 million for the year ended January 31. The company said that it has also been able to double its gross written premiums to £1 billion in the same period, the second full year it’s been in business.
The firm, which was founded by former Aviva senior executives Fraser Edmond (pictured left) and Iain Crole (pictured right), created an independent and searchable platform connecting brokers and insurers in the UK. Over 150 brokers have signed up to the platform, along with seven major insurers – AXA, Ecclesiastical, Hiscox, Markel, QBE, RSA and Zurich.
“We have experienced accelerated adoption of the platform in the UK over the last 12 months as the industry has seen the benefits of this new digital route of engagement between insurers and brokers,” said Edmond, the firm’s co-founder and CEO. “The platform is unlocking value for insurers and brokers by reducing costs and increasing trading effectiveness.”
Over the past 12 months, the company’s headcount has grown from 17 to 30, with roles added in the software development, data science and commercial teams. In April, Broker Insights hired Kevin Ord as chief operating officer, in preparation for its North American expansion in 2022.
Ord has significant experience in transforming and growing technology organisations, having held positions in equity-backed companies in the software, ecommerce and digital marketing sectors.
“Broker Insights is one of the UK’s fastest-growing tech businesses with an opportunity to transform the global commercial insurance market,” said Chris van der Kuyl, chairman of Broker Insights and principal of parent firm Chroma Ventures. “The next phase of major growth will be expansion into the US market.”
Broker Insights also recently launched Market Management, a new product for large broker firms allowing them to license and configure the platform to their needs.
The company has moved into profitability, having repaid the early-stage support and loans received from Scottish EDGE and Scottish Investment Bank.